BETHESDA, MD—Taking advantage of the still favorable capital market conditions, last week Pebblebrook Hotel Trust tapped the public markets with a common share offering of 3 million shares – and offering that was then expanded to include 450,000 additional shares issued when the underwriter exercised its option to purchase additional shares. The REIT is netting $131.4 million from the offering, minus expenses.

Pebblebrook will use the net proceeds to repay the approximately $91 million outstanding on its senior unsecured revolving credit facility. The remainder will be used for general corporate purposes, which may include acquisitions or investments.

Raymond James was the sole book-running manager for the offering.

The REIT has made a number of acquisitions in recent months. In May it acquired the 160-room Prescott Hotel in San Francisco's Union Square for $49 million—the company's sixth acquisition in the city. The Prescott was funded with available cash and its credit facility.

In July it acquired The Nines, a 331-room luxury hotel in downtown Portland for $127 million—the REIT's third acquisition in downtown Portland. That acquisition as well was funded with its credit facility and the assumption of $50.7 million of existing debt secured by the property.